3079. First National Bank (Toccoa, GA)

View Charter #6687 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6687
Charter Number
6687
Start Date
November 8, 1915
Location
Toccoa, Georgia (34.577, -83.332)

Metadata

Model
gpt-5-mini
Short Digest
bc4d4c50

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1915-11-22
Date receivership terminated
1918-06-30
OCC cause of failure
Excessive lending
Share of assets assessed as good
47.9%
Share of assets assessed as doubtful
37.8%
Share of assets assessed as worthless
14.3%

Description

Bank suspended business on Nov 8/9, 1915 due to mismanagement and loans to officers; Comptroller placed affairs in hands of receiver (appointment reported Dec 8, 1915). No run reported in articles.

Events (4)
1. March 25, 1903 Chartered
Source
historical_nic
2. November 8, 1915 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Continued mismanagement: capital and deposits tied up in loans to president, vice-president, cashier and directors; unlawful real estate loans; excessive borrowings; poor collections and heavy demands of creditors.
Newspaper Excerpt
National bank examiners were here today to investigate the affairs of the First National Bank of Toccoa, which suspended business yesterday with an announcement that poor collections and heavy demands of creditors had caused its business to be placed in the hands of the controller of the currency.
Source
newspapers
3. November 22, 1915 Receivership
Source
historical_nic
4. December 8, 1915 Receivership
Newspaper Excerpt
Wm. L. Wilson, of Washington, D. C., has been appointed by the Comptroller of the Currency as Receiver for the First National Bank of Toccoa, which institution closed its doors on November 8th.
Source
newspapers

Newspaper Articles (3)
1. November 9, 1915 Evening Star Washington, DC
Article from Evening Star, November 9, 1915

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Article Text

OFFICERS BORROWED FUNDS. Controller Williams Gives Reasons for Failure of Toccoa, Ga., Bank. Mismanagement and loans to officers were given as reasons contributing to the closing of the First National Bank of Toccoa, Ga., in a statement today by John Skelton Williams, controller of the currency. "Its failure," said the statement, "is due to continued mismanagement, the tying up of its capital and deposits in loans to its president, vice president, cashier and other directors and enterprises in which these officers and directors are interested. Other irregularities include excessive borrowings, unlawful real estate loans and other violations of the national bank act, against which the bank has been repeatedly warned by this office." TOCCOA, Ga., November 9.-National bank examiners were here today to investigate the affairs of the First National Bank of Toccoa, which suspended business yesterday with an announcement that poor collections and heavy demands of creditors had caused its business to be placed in the hands of the controller of the currency.

2. November 12, 1915 Yorkville Enquirer York, SC
Article from Yorkville Enquirer, November 12, 1915

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Article Text

# MERE-MENTION E. S. Willard, one of the most famous of modern actors, died in London Tuesday......Otis Johnson, a veteran baseball player and a former member of the Charleston team, died in Binghampton, N. Y., Tuesday night of injuries received a few days ago when his shotgun exploded while hunting near Halsey Valley, N. Y...... The First National bank of Tocca, Ga., has gone into the hands of a receiver......Complete official returns show that O. O. Stanley, Democrat has defeated Edwin P. Morrow, Republican for the governorship of Kentucky by a majority of only 176...... John T. Marsh, formerly postmaster and railway agent at Point Rock N. C.. shot and killed J. R. Ray at Marion, N. C., on Tuesday. March claims that Ray was unduly familiar with his wife and that he shot in self defense... The French steamer Yser, formerly the Dacia which was seized by a French cruiser last Febru-ary while carrying a cargo of cotton from the United States to Germany has been sunk by a German submarine......Admiral Tseng Ju Cheng, governor of the Shanghai, China, district was assassinated Wednesday by two revolutionists, who fired 18 shots at him from automatic pistols...... A Rome dispatch says that a decree will be issued soon to demobilize the Greek army, the information coming from Athens that only 50,000 men will be kept under arms.......A Rotterdam newspaper publishes the statement that Prussians up to November 10, total 2,099,454, not including Bavarian. Wurtemburg and Saxon losses...... A dispatch from Essen, Germany, says that the profits of the Krupp gun works last year totaled $21,500,000 against $8,250,000 the previous year......Premier Asquith is again before the British house of commons asking for a vote of credit of $2,000,000,000. If this new loan is authorized it will bring England's war credit up to a total of $8,310,000,000...... The per capita gifts of Americans for the relief of the Belgians has been only 7 cents. The gifts of New Zealand for the same purpose aggregate $1.13 per capita.. Mrs. Lula Cary, 28 years old, is held in the Camden county, Ga., jail charged with poisoning her husband four months ago. George Roddenberry, a young man of Charlton county, is held as an accomplice.

3. December 8, 1915 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, December 8, 1915

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Article Text

Receiver for Toccoa Bank. (Toccoa, Ga.. Record, 3d.) Wm. L. Wilson, of Washington, D. C., has been appointed by the Comptroller of the Currency as Receiver for the First National Bank of Toccoa, which institution closed its doors on November 8th. Mr. Wilson announces that he IS ready for the making of collections that are due, and urges every one to make settlement at the earliest possible date. This is the third banking institution that Mr. Wilson has been put in charge of during the present year, and he informs us that both of the former institutions have been reorganized. During the past eight or ten years, he says, most depositors have been paid every dollar which they had on deposit with a national bank that failed, and he hopes that the case of the First National Bank of Toccoa will prove no exception.